在我国实施的“十二”和“十三”两个五年计划的进程中，医药产业是诸多产业 中非常重要的一部分。而中药行业就是医药产业六个子行业中举足轻重的一个。 根据一份截止到 2016 年的统计报告显示，有三分之一以上的医药上市公司为中药 上市企业。然而因为众多动植物接近绝迹、中成药在质量认证方面缺乏统一的标 准、以及许多实力雄厚的外国企业参与到中药行业的竞争等因素，使得国内中药 上市企业向前发展困难重重。可见对中药上市企业经营状况进行分析具有重要意 义。但已有研究更侧重医药公司的社会职责和研发投入等的研究，但对中药企业 经营的绩效研究几乎没有。另外经营绩效有助于发现企业自身的不足。所以本文 在探究中药上市企业经营现状的基础上将企业的经营绩效评价作为研究重点，并 基于评价结果为中药上述企业更好的发展提供有益的建议。 本文对中药上市企业及其经营绩效的定义进行阐述，并深入探讨中药上市企 业发展现状及其经营绩效中存在的突出问题。在战略管理、利益相关以及委托代 理等理论基础上对 2012 ~ 2016 年我国中药上市公司经营绩效进行评价。本文重 点分析了中药上市企业的绩效评价指标，基于文献归纳和中药上市企业实际经营 特征，查找并提取出了 12 个相关评价因子：包括盈利因子(净资产的收益率等)， 运营因子(总资产的周转率等)，债务偿还因子(资产的负债率等)和企业成长动力因 子等。之后以灰色关联分析法这一定量模型为基础，得出中药上市企业经营绩效 评估的全过程建模体系，该体系由评价指标构建、评价模型、评价结果分析等部 分组成。最后评估出 2012 ~ 2016 年中药上市企业的经营绩效的灰色关联度值并 对其指标因子进行分析。更进一步，重点对“九芝堂”集团的经营绩效评价特征进 行分析。最后在绩效评价的结果分析基础上，将评价结果运用到中药上市企业实 际经营中，提出了更具有针对性的中药企业综合实力增强方案。 结果表明：2012 ~ 2016 年经营绩效综合评分前五名的企业分别是云南白药、西安建筑科技大学硕士学位论文 九芝堂和东阿阿胶集团等，所有前五企业的灰色关联度值都在 0.735 以上；而 2012 ~ 2016 年经营绩效综合评分后五名的企业分别是：莱茵生物、太龙药业、益盛药 业、国发股份以及紫鑫药业。同时研究显示盈利、偿债、营运和成长能力等四方 面的因子对企业绩效评价的结果具有较大影响，其这四大类指标因子的权重由大 到小分别为盈利 > 营运 > 偿债 > 成长因子。结果显示盈利因子的高低决定了 中药上市企业综合绩效的高低，排名靠前的企业普遍具有较好的偿债能力，营运 因子会显著影响企业综合绩效评价，而成长因子可增强企业的发展。另外，“九芝 堂”集团在 2012 ~ 2016 年经营绩效逐步上升，反映为这些企业在盈利和运营等方 面的进步。所以本文建议我国中药上市企业需加强国际化交流合作，建立自身品 牌优势；扩大融资渠道，增强营运效率；增强企业自身竞争力，始终坚定创新发 展；另外政府也需加强引导扶持力量，促进企业走特色发展之路。 关键词：中药上市企业；经营绩效；灰色关联度模型；评价体系西安建筑科技大学硕士学位论文 Enterprise performance evaluation ofA company in China based on gray relational model Specialty:Business Management Name:Yang Qiang Instructor:Lu Qiuqin ABSTRACT In the process of implementing the twelfth and thirteenth five-year plans in China, the medicine industry, as one of the many industries, plays an irreplaceable role in the whole system, where the Chinese medicine industry with a pivotal position is one of its six sub-industries. According to a statistical report by the end of 2016, there are more than one-third of Chinese medicine listed companies in medicine industry. However, it is difficult for Chinese medicine listed companies to develop due to the close extinction of many plants and animals for some reasons, the lack of unified standards for the quality certification of Chinese patent medicine and the fierce competition with many powerful foreign companies. In the previous researches and analysis, the social responsibility, research and development investment and merger and acquisition performance of enterprises are mostly taken as the research contents of medical companies, while there are less research on the business performance of Chinese medicine enterprise. Moreover, business performance in enterprise management can help each stakeholder to understand the enterprise as a whole and find their own shortcomings, so as to comprehensively promote the effective and rapid development of the enterprise. Hence, this study takes Chinese medicine listed company as a case, and takes the study of business performance as the emphasis to provide countermeasures for better development of Chinese medicine companies based on the overall situation of these companies and the research results. This study firstly expounds the definition of Chinese medicine enterprise and its business performance, and explores the Development status and existed serious problems of the Chinese medicine enterprise. Then the business performance of西安建筑科技大学硕士学位论文 Chinese medicine listed companies in 2012 ~ 2016 based on strategic management, stakeholder and principal-agent theories is evaluated. In this study, the evaluation index system is one of the key contents. According to summarizing a large number of relevant literature and studying the existing conditions of Chinese medicine companies, this study selects twelve evaluation indicators of business performance, such as profitability indexes (earnings per share, etc.), operating ability index(inventory turnover, etc.), solvency indexes (quick ratio, etc.) and growth capacity indexes (net profit growth rate, et al). Then the gray relational model is adopted as the quantitative model, to build the whole modeling processes of the business performance evaluation of Chinese medicine listed enterprises, which is composed by the parts of evaluation indicators of business performance, evaluation model, evaluation results and Analysis of evaluation results. Finally, the business performance of Chinese medicine listed enterprises in 2012 ~ 2016 based on the above evaluation indexes is ranked using the gray relational model. Furthermore, an excellent improvement program is analyzed to contribute to the progresses of medicine enterprises on the basis of the evaluation results of business performance and theory discussion. The results show that Chinese medicine listed enterprises with the top five comprehensive score of business performance in 2012 ~ 2016 are Yunnan baiyao, Jiuzhitang, Dong-e-jiao, Renhe pharmaceutical and Tongrentang, respectively, whose grey correlation degree are all above 0.735; and the later five comprehensive score of business performance in 2012 ~ 2016 are Laiyinshengwu, Tailong Yaoye, Yisheng Yaoye, Guofagufen and Zixin Yaoye. In addition, this study finds that these indicators including profit factors, debt paying factors, operating factors and growth factors have a great impact on the comprehensive performance. The order of these four factors from the largest to the smallest are profit factors, operating factors, debt paying factors and growth factors. The business performance of “Jiuzhitang” has been gradually improved from 2012 to 2016. Meanwhile, the results indicate that the level of profit factors determine the level of comprehensive performance of enterprises, the top enterprises generally have good solvency, the operating related indexes can effectively influence the performance evaluation of enterprises and related growth capacity indexes can contribute to the their sustainable progresses. Therefore, this study suggests that西安建筑科技大学硕士学位论文 Chinese medicine listed enterprises should strengthen international exchange and cooperation, establish its own brand advantages, expand financing channels, improve operational efficiency, enhance enterprise competitiveness and always pursue innovative development. Meanwhile, the government also needs to strengthen the guidance and support forces to promote enterprises to take the road of characteristic development. Keywords: Chinese medicine listed enterprises; Enterprise operating performance; Grey relational degree model; Evaluation system西安建筑科技大学硕士学位论文 I 目 录 1 绪论...1 1.1 研究背景与意义........1 1.1.1 研究背景..............1 1.1.2 研究目的..............2 1.1.3 研究意义..............2 1.2 国内外研究现状........3 1.2.1 国外研究现状.....3 1.2.2 国内研究现状.....4 1.3 研究方法.....................6 1.4 研究内容及技术路线.6 1.5 本文的创新之处.........7 2 相关概念及理论..............9 2.1 概念界定....................9 2.1.1 中药的定义.........9 2.1.2 中药企业及经营绩效的定义............9 2.2 灰色关联度模型相关理论.......................9 3 中药上市企业经营绩效现状及评估指标体系构建..................13 3.1 中药上市企业的发展情况.....................13 3.1.1 规模水平...........13 3.1.2 盈利能力...........13 3.1.3 偿债能力...........15 3.1.4 营运能力............16 3.1.5 成长能力...........17 3.2 中药上市企业经营绩效存在的问题......17 3.2.1 中药上市企业规模有待提高..........18 3.2.2 盈利能力较弱....18 3.2.3 不断下降的资产负债率...................18 3.2.4 营运能力较弱....18 3.2.5 成长能力不够理想...........................18西安建筑科技大学硕士学位论文 II 3.3 指标体系的设计原则.............................19 3.4 企业绩效评价指标体系的构建.............20 3.4.1 盈利能力...........20 3.4.2 运营能力...........20 3.4.3 偿债能力...........21 3.4.4 成长能力...........22 4 中药上市企业经营绩效评估及算例...........23 4.1 灰色关联度模型优点及建模步骤.........23 4.2 中药企业绩效评价的数据准备..............24 4.3 中药上市企业绩效评价算例..................25 4.4 本章小结...................28 5 中药上市企业 2012-2016 年经营绩效评估及指标因子分析...29 5.1 中药上市企业 2012-2016 年综合绩效评估........................ 29 5.1.1 灰色关联法评估 2012-2015 年中药上市企业经营绩效.............................29 5.1.2 中药上市企业 2012-2016 年经营绩效的平均灰色关联值.........................32 5.2 “九芝堂”在 2012-2016 年综合绩效评估..............................33 5.3 中药上市企业运营绩效的指标因子分析............................35 5.3.1 中药上市企业指标因子的灰色关联权重定量分析......35 5.3.2 中药上市企业经营绩效指标因子的定性分析..............35 6 中药上市企业发展建议与措施...................37 6.1 增强盈利能力，提升自身竞争力..........37 6.2 提升企业营运能力，优化资源配置......37 6.3 提升企业偿债能力，优化债务布局......39 6.4 提高企业成长能力，加强科技创新......39 7 结论与展望.....................41 7.1 结论...........................41 7.2 研究的不足之处.......41 7.3 展望...........................42